I was there when this happened to one lib. He had been (among other things) a dancer. Through a lot of hard work, he managed to become a software consultant. Writing code in MS Acces, but still a lot better off than previous jobs. Then he got his first paycheck. He was shocked. His gross would have been around 4 grand, so he'd be out about $1300 being single. When you buy a new car for the government every year and they still rack up trillion dollar deficeits - you grow to hate taxes.
Which tax bracket? And what don't I get? formulate your ideas cohesively and then tell me where you think Im wrong.
You don't get the fact that I'd owe nothing. It's called an unrealized gain. You can raise capital gains to 80% and you know what? Unless Buffet or Gates sell stock their tax bill is nada. You're whole notion of higher taxes grabbing a piece of the idle rich is ridiculously flawed.
Well I assumed you were going to sell the stock. Anyways, your point is that by raising tax rates on higher income earner, absolutely nothing will happen?
I agree it is easier for someone who makes over 250k to deal with higher taxes. I dispute the claims there are no taxes paid by those under a certain level, however. Prior to trading, I started a small business and contracted out my services and hired subcontractors. My best year I netted about 26k after tax and write offs. I paid tax because I was self employed, as many tradesman are, even though my income was miniscule. Did I miss a loophole somewhere? I support a flat tax or consumption tax. There is absolutely nothing unfair about everyone paying the same percentage. Add to that, I simply don't believe the democrats on the current tax promises.
My wife was my accountant. Are you saying I could have avoided self employment tax on profit? 18% or so. Guess I could have faked some deductions, right?